(Lithium battery story updated with stock price update on Toronto Stock Exchange-traded lithium battery stock Electrovaya.)
NEW YORK ( TheStreet) -- The global push for fuel economy has prompted a growing gravitational pull towards electric vehicles, prompting the investment community to increasingly consider the makers of rechargeable lithium batteries for these vehicles as an investment opportunity.
U.S. stock exchange-traded companies in the lithium battery business have been working round the clock to ready themselves for the expected expansion of the electric car market. In Canada, lithium battery pure play Electrovaya has surged about 173.5% year to date on the Toronto Stock Exchange. The company recently brought on former Chrysler president of global electric motorcars, Bruce Coventry, as vice president of operations, and has become the supplier of a Tier 1 automotive OEM (original equipment manufacturer).